In October of last year, Allstate launched a new line of homeowner’s insurance products in Oklahoma called House & Home. The company’s initiative was met with success and now the insurer is gearing up to launch these products in various states through 2014. The products became popular amongst consumers because it provided them with a sleuth of discounts and new deductible and coverage options. The insurer has also introduced a more simplified quoting process that uses external information to fill out applications more quickly. As Allstate introduces these new insurance…
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Florida legislation could move consumers from Citizens Property Insurance to more risk surplus lines.
It is no secret that the Florida Citizens Property Insurance group is under financial stress. The state-run insurance company has offered affordable insurance policies to Floridians for decades. This affordability has attracted thousands of consumers, making Citizens the largest insurer in the state, but it has also come at a cost. The insurer now has more policies than it can handle efficiently and is not generating enough revenue to continuing operating viably. State legislators have been working on a way to trim the number of policies covered by the company.…
Read MoreFinding the best homeowners’ insurance rates for 2012 coverage
Following a year of record breaking disasters, many homeowners are wondering how they can find lower and more affordable rates for their insurance policies. Even those with experience in shopping around for the best price for a policy are discovering that the process is becoming much more complex. Many insurance companies have now implemented a number of different types of exemptions for various forms of damage from storms and other natural events. Some are also assigning lower values to a home’s replacement cost. According to the Consumer Federation of America’s…
Read MoreCitizens board of governors submits new legislative agenda to Florida lawmakers
The governing board of Florida’s Citizens Property Insurance Corp. has agreed on a new legislative agenda that could save the state-run insurance program more than $1.5 billion in insured losses. The board met with state legislators this week in Orlando to discuss the agenda, particularly what legislators can do to make the insurance program more efficient. The board expressed the importance of making cuts to the types of properties the program can insure and has begun pressuring lawmakers to hasten the rate at which premiums can rise. Earlier this year,…
Read MoreNationwide average for homeowners’ insurance premiums increased in all but two states
According to the most recent HomeInsurance.com RateReport, which shows the average premiums across all of the states in the country over a 12 month period (as of September), all but two states experienced an increase in homeowners’ insurance premiums. The two states that saw a decrease in premiums were Washington D.C. and Vermont. All of the other states in the country saw their average homeowners’ premiums increase from 0.1 percent to 5.8 percent more than what policyholders had been paying during the year beforehand. The average premiums that were used…
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